{"id":78789,"date":"2024-11-01T05:00:23","date_gmt":"2024-11-01T12:00:23","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78789"},"modified":"2024-10-31T14:00:57","modified_gmt":"2024-10-31T21:00:57","slug":"q3-2024-new-construction-homes","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/q3-2024-new-construction-homes\/","title":{"rendered":"28% of Houses For Sale Are Newly Built, the Lowest Share in 3 Years"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">New-construction homes are making up a smaller portion of total inventory as builders back off and more homeowners list their houses for sale.\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Newly built homes made up 28% of single-family homes for sale nationwide in the third quarter, the lowest level in three years. That\u2019s down from 30.5% a year earlier and a record-high 34.4% at the start of 2022.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-78791 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-31-112713.png\" alt=\"\" width=\"618\" height=\"467\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-31-112713.png 618w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-31-112713-300x227.png 300w\" sizes=\"(max-width: 618px) 100vw, 618px\" \/><\/p>\n<p><b>The share of houses for sale that are newly built has dropped from its peak for several reasons:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>More existing inventory has hit the market.<\/b><span style=\"font-weight: 400;\"> The total supply of existing single-family inventory is <\/span><a href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=1x664\"><span style=\"font-weight: 400;\">up 22%<\/span><\/a><span style=\"font-weight: 400;\"> year over year. That\u2019s partly because the lock-in effect has <\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-rate-lock-in-housing-2024\/\"><span style=\"font-weight: 400;\">started to ease<\/span><\/a><span style=\"font-weight: 400;\">, with people growing tired of waiting for mortgage rates to come down before selling their home and searching for a new one.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>House hunters have bought up much of the new construction on the market.<\/b><span style=\"font-weight: 400;\"> Sales of newly built single-family homes rose 6.3% year over year in September 2024, according to the <\/span><a href=\"https:\/\/www.census.gov\/construction\/nrs\/current\/index.html\"><span style=\"font-weight: 400;\">U.S. Census<\/span><\/a><span style=\"font-weight: 400;\">, partly because builders have enticed buyers by offering incentives, including mortgage-rate buydowns and cash toward closing costs. Redfin agents report those incentives have worked, with many buyers turning toward new construction to get a better deal.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Building has slowed down. <\/b><span style=\"font-weight: 400;\">Homebuilders have backed off since the pandemic-driven building boom, with high mortgage rates dampening demand; they\u2019re focused on selling the new homes they have on the books rather than constructing new ones. Permits to build single-family homes were <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/PERMIT1\"><span style=\"font-weight: 400;\">down 2% year over year<\/span><\/a><span style=\"font-weight: 400;\"> in September, and down 23% from the 15-year high they hit in early 2021.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Still, newly built homes make up a significantly higher portion of for-sale inventory than before the pandemic. That\u2019s because the share shot up so much during the pandemic, going from roughly 17% in 2019 to nearly 30% by the end of 2021.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Newly built homes have made up an outsized portion of homes for sale in the last four years because the supply of new-construction homes soared in 2022 and 2023, while the supply of existing homes dwindled.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Inventory of existing homes fell over that period as mortgage rates rose and the <\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-rate-lock-in-housing-2023\/\"><span style=\"font-weight: 400;\">lock-in effect <\/span><\/a><span style=\"font-weight: 400;\">took hold. The surge in newly built homes, meanwhile, was caused by builders responding to robust homebuying demand brought on by <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\"><span style=\"font-weight: 400;\">ultra-low<\/span><\/a><span style=\"font-weight: 400;\"> mortgage rates and remote work. While building has since slowed, builders are still completing projects they started in the past few years.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Looking forward, the share of inventory made up of newly built homes may fall slightly further as permits dwindle. But the share should remain higher than pre-pandemic levels because mortgage rates are likely to remain elevated, keeping the supply of existing homes from surging.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New-construction homes are making up a smaller portion of total inventory as builders back off and more homeowners list their houses for sale.\u00a0 Newly built homes made up 28% of single-family homes for sale nationwide in the third quarter, the lowest level in three years. That\u2019s down from 30.5% a year earlier and a record-high [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":78792,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,25],"tags":[623,39],"coauthors":[124],"class_list":["post-78789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-new-construction","tag-national","tag-new-construction"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>28% of Houses For Sale Are Newly Built, the Lowest Share in 3 Years<\/title>\n<meta name=\"description\" content=\"New-construction homes are making up a smaller portion of total inventory as builders back off and more homeowners list their houses for sale.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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Anderson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/Dana_Anderson_722_RT-150x150.jpg6a0821cd173d24b4c47bf9d2c09ca097","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/Dana_Anderson_722_RT-150x150.jpg","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/Dana_Anderson_722_RT-150x150.jpg","caption":"Dana Anderson"},"description":"As a data journalist at Redfin, Dana Anderson writes about the numbers behind real estate trends. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our Why Redfin page.","url":"https:\/\/www.redfin.com\/news\/author\/dana-andersonredfin-com\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/78789","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13153"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=78789"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/78789\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/78792"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=78789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=78789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=78789"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=78789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}